<SEC-DOCUMENT>0001062993-18-001220.txt : 20180315
<SEC-HEADER>0001062993-18-001220.hdr.sgml : 20180315
<ACCEPTANCE-DATETIME>20180315155247
ACCESSION NUMBER:		0001062993-18-001220
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180315
FILED AS OF DATE:		20180315
DATE AS OF CHANGE:		20180315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			B2GOLD CORP
		CENTRAL INDEX KEY:			0001429937
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35936
		FILM NUMBER:		18692312

	BUSINESS ADDRESS:	
		STREET 1:		595 BURRARD STREET, SUITE 3100
		CITY:			VANCOUVER, BRITISH COLUMBIA
		STATE:			A1
		ZIP:			V7X 1J1
		BUSINESS PHONE:		(604) 601-2962

	MAIL ADDRESS:	
		STREET 1:		595 BURRARD STREET, SUITE 3100
		CITY:			VANCOUVER, BRITISH COLUMBIA
		STATE:			A1
		ZIP:			V7X 1J1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
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<P align=center><B><FONT size=5>UNITED STATES</FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR><B>Washington, D.C.
20549</B></P>
<P align=center><B><FONT size=5>FORM 6-K</FONT></B></P>
<P align=center>REPORT OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR
15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934</P>
<P align=center>For the month of <strong>March, 2018</strong></P>
<P align=center>Commission File Number: <B><U>001-35936</U></B></P>
<P align=center><U><B><FONT size=5>B2Gold Corp.</FONT></B><BR></U>(Translation
of registrant&#146;s name into English)</P>
<P align=center><U><B>British Columbia, Canada</B><BR></U>(Jurisdiction of
incorporation or organization)</P>
<P align=center><B>Suite 3100, Three Bentall Centre</B><BR><B>595 Burrard
Street</B><BR><B>Vancouver, British Columbia V7X
1J1</B><BR><U><B>Canada</B><BR></U>(Address of principal executive office)</P>
<P align=center>Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F: </P>
<P align=center>[&nbsp;&nbsp;&nbsp;] Form
20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[X] Form 40-F</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
[&nbsp;&nbsp;&nbsp;]</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
[&nbsp;&nbsp;&nbsp;]</P>
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<P align=center><B>DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K</B></P>
<P align=justify>See the Exhibit Index hereto.</P>
<P align=center><B>SIGNATURES</B></P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="91">

  <TR vAlign=top>
    <TD align=left height="15" >&nbsp; </TD>
    <TD align=left width="5%" height="15" >&nbsp; </TD>
    <TD align=left width="45%" height="15"><B>B2Gold Corp.</B> </TD></TR>
  <TR>
    <TD height="15" >&nbsp; </TD>
    <TD width="5%" height="15" >&nbsp; </TD>
    <TD align=left width="45%" height="15">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15" >&nbsp; </TD>
    <TD align=left width="5%" height="15" >&nbsp; </TD>
    <TD align=left width="45%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16" >Date: <strong style="font-weight: 400">March 15,
    2018</strong></TD>
    <TD align=left width="5%" height="16" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%" height="16"><EM>/s/ Roger Richer</EM></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left height="15" >&nbsp; </TD>
    <TD align=left width="5%" height="15" >Name: </TD>
    <TD align=left width="45%" height="15">Roger Richer</TD></TR>
  <TR vAlign=top>
    <TD align=left height="15" >&nbsp; </TD>
    <TD align=left width="5%" height="15" >Title: </TD>
    <TD align=left width="45%" height="15">Executive Vice President, General Counsel &amp;
    Secretary</TD></TR></TABLE><BR>
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<P align=center><B>EXHIBIT INDEX</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Exhibit</B> </TD>
    <TD align=left width="90%"><B>Description</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>No.</B> </TD>
    <TD align=left width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit99-1.htm">News
    release dated March 15,<strong style="font-weight: 400"> 2018</strong></a></TD>
  </TR></TABLE><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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   <TITLE>B2Gold Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
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<IMG src="exhibit99-1x1x1.jpg" border=0 width="172" height="128"> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>News Release</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>B2Gold Reports Strong Fourth Quarter and Full-Year
      2017 Results;</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>2018 Outlook Provides for Very Strong Production
      Growth with Forecast Gold Production of</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Between 910,000 and 950,000 Ounces</B>
</TD></TR></TABLE>
<P align=justify>Vancouver, British Columbia--(Newsfile Corp. - March 15, 2018)
- B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the
"Company") is pleased to announce its operational and financial results for the
fourth quarter and year-end December 31, 2017. The Company previously released
its gold production and gold revenue results for the fourth quarter and
full-year 2017, in addition to its production and cash cost guidance for 2018
<I>(see news release dated 1/11/18)</I>. All dollar figures are in United States
dollars unless otherwise indicated.</P>
<P align=justify><B>2017 Full-Year Highlights</B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Record annual consolidated gold production, for the ninth
      consecutive year, of 630,565 ounces of gold (including 79,243 ounces of
      pre-commercial production<sup>1</sup> from Fekola), exceeding the upper end of the
      revised guidance range (of 580,000 to 625,000 ounces) and well above the
      upper end of the original guidance range (of 545,000 to 595,000 ounces)
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Annual consolidated gold revenue of $638.7
      million (or an annual record of $739.5 million, including $100.9 million
      of pre-commercial production sales from Fekola) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Fekola Mine construction successfully completed
      in late September 2017, more than three months ahead of the original
      schedule </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Fekola Mine achieved commercial production on
      November 30, 2017, one month ahead of the revised schedule and four months
      ahead of the original schedule </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Fekola Mine gold production was 111,450 ounces
      in 2017 (including pre-commercial production), far surpassing the upper
      end of its original guidance range (of 45,000 to 55,000 ounces) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Fekola Mine achieves cash operating costs (see
      &#147;Non-IFRS Measures&#148;) of $277 per ounce and all-in sustaining costs
      (&#147;AISC&#148;) (see &#147;Non-IFRS Measures&#148;) of $419 per ounce (including pre-
      commercial results) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Masbate Mine achieves near-record annual gold
      production of 202,468 ounces and Otjikoto Mine achieves record annual gold
      production of 191,534 ounces </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">B2Gold&#146;s full-year consolidated cash operating
      costs of $542 per ounce (including Fekola&#146;s pre- commercial production
      results) were well below guidance of between $610 and $650 per ounce
</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">B2Gold&#146;s full-year consolidated AISC of $860
      per ounce (including Fekola&#146;s pre-commercial production results) were well
      below guidance of between $940 and $970 per ounce </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Cash flow from operating activities (after non-cash
      working capital changes) of $155.0 million ($0.16 per share);
      additionally, sales of pre-commercial production from Fekola, which were
      included in investing activities rather than cash flow from operating
      activities, generated net proceeds of $73.4 million ($100.9 million of
      sales revenue net of related production costs of $27.5 million) </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Strong cash position of $147.5 million at
      year-end </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">With the planned first full year of production
      from the Fekola Mine, the Company&#146;s outlook for 2018 provides for dramatic
      production growth, with consolidated production expected to be
  between 910,000 and 950,000 ounces of gold; cash operating
costs and AISC are expected to remain low and be between $505 and $550 per ounce
and between $780 and $830 per ounce, respectively </TD></TR></TABLE>
<p>______________________________<br>
<I><SUP>1</SUP> Basis of presentation: The
Fekola Mine commenced operation on September 24, 2017, and reached commercial
production on November 30, 2017. In accordance with the Company's accounting
policy, revenues and costs related to ounces produced in the pre-commercial
operating period up to November 30, 2017, were not recorded in the consolidated
statement of operations but were capitalized and treated as part of the net cost
of construction of the Fekola Mine. </I><BR>
</p>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>Beginning in 2018, on average over the next three years,
      the Company is projecting per annum gold sales revenues of approximately
      $1.2 billion, cash flow from operations of close to $0.5 billion and a
      significant increase in free cash flow (operating cash flows less
      investing cash flows) </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">In 2018, B2Gold&#146;s strategy will focus on
      organic growth through the expansion of its existing mines and further
      brownfields exploration and grassroots exploration </TD></TR></TABLE>
<P align=justify><B>2017 Fourth-Quarter Highlights</B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Record quarterly consolidated gold production
      of 240,753 ounces (including 72,903 ounces of pre-commercial production
      from Fekola), 71% (or 100,102 ounces) greater than the same period in 2016
    </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Consolidated gold revenue of $174.0 million (or
      a quarterly record of $274.9 million, including $100.9 million of
      pre-commercial production sales from Fekola) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">Consolidated cash operating costs of $473 per
      ounce and AISC of $754 per ounce (including Fekola&#146;s pre-commercial
      production results) </TD></TR></TABLE>
<P align=justify><B>2017 Full Year and Fourth-Quarter Operational Results
</B></P>
<P align=justify>For B2Gold, 2017 was an outstanding year of performance with
the achievement of another record year of consolidated gold production (for the
ninth straight year), and the successful construction and commissioning of its
flagship Fekola Mine, in southwest Mali, which achieved commercial production on
November 30, 2017, one month ahead of the revised schedule and four months ahead
of the original schedule. With the large, low-cost Fekola Mine now in
production, B2Gold is on target to achieve transformational growth in 2018. In
2018, with the planned first full year of production from the Fekola Mine,
consolidated gold production is forecast to be between 910,000 and 950,000
ounces (see "2018 Production Outlook and Cost Guidance" section). This
represents an increase in annual consolidated gold production of approximately
300,000 ounces in 2018 from 2017. The Company's forecast consolidated cash
operating costs are expected to remain low in 2018 and be between $505 and $550
per ounce and AISC are expected to decrease by approximately 6% from 2017 and be
between $780 and $830 per ounce.</P>
<P align=justify>The Fekola Mine is projected to be a large, low-cost producer.
The resulting increase in production levels combined with low costs are expected
to dramatically increase B2Gold's production, revenues, cash from operations and
cash flow for many years, based on current assumptions (including a gold price
assumption of $1,300 per ounce). On average over the next three years, beginning
in 2018, the Company is projecting per annum gold sales revenues of
approximately $1.2 billion, cash flow from operations of close to $0.5 billion
and a significant increase in free cash flow (operating cash flows less
investing cash flows).</P>
<P align=justify>For full-year 2017, consolidated gold production was an annual
record of 630,565 ounces (including 79,243 ounces of pre-commercial production
from Fekola), exceeding the upper end of its revised guidance range (of 580,000
to 625,000 ounces) and was well above the upper end of its original guidance
range (of 545,000 to 595,000 ounces). Consolidated gold production for the year
also increased by 15% (or 80,142 ounces) over 2016. B2Gold's record performance
in 2017 reflected the early start-up and strong ramp-up performance of the new
Fekola Mine and the continued, very strong operational performances of both the
Masbate Mine in the Philippines and the Otjikoto Mine in Namibia.</P>
<P align=justify>In the fourth quarter of 2017, consolidated gold production was
a quarterly record of 240,753 ounces (including 72,903 ounces of pre-commercial
production from Fekola), exceeding reforecast production by 5% (or 10,473
ounces) and significantly exceeding budget by 28% (or 52,141 ounces).
Consolidated gold production for the quarter also increased by 71% (or 100,102
ounces) over the same quarter in 2016. </P>
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<P align=justify>The Company's full-year 2017 consolidated cash operating costs
of $542 per ounce (including Fekola's pre-commercial production results) came in
well below the guidance range of between $610 and $650 per ounce, as a result of
the Company's strong operating performance. In addition, the Company's full-year
2017 consolidated AISC of $860 per ounce (including Fekola's pre-commercial
production results) also came in well below the guidance range of between $940
and $970 per ounce.</P>
<P align=justify>In the fourth quarter of 2017 (including Fekola's
pre-commercial production results), consolidated cash operating costs were $473
per ounce (Q4 2016 &#151; $546 per ounce) and AISC were $754 per ounce (Q4 2016 &#151;
$877 per ounce).</P>
<P align=justify><B>2017 Full Year and Fourth-Quarter Financial Results </B></P>
<P align=justify>The Fekola Mine commenced operation on September 24, 2017, and
reached commercial production on November 30, 2017 (see "Operations, Fekola Gold
Mine &#151; Mali" section). In accordance with the Company's accounting policy,
revenues and costs related to ounces produced in the pre-commercial operating
period up to November 30, 2017, were not recorded in the consolidated statement
of operations but were capitalized and treated as part of the net cost of
construction of the Fekola Mine. Consistent with the exclusion of these
pre-commercial production revenues and costs from the determination of net
income for the period, the related net cash flows were not reflected as part of
cash flow from operating activities in the Company's 2017 consolidated statement
of cash flows (but instead were reflected in the investing activities section).
For full-year 2017, the Fekola Mine produced a total of 111,450 ounces (from
September 24 to December 31). A total of 84,000 ounces were sold in the fourth
quarter of 2017, with the remaining 27,450 ounces being recorded in inventory at
December 31, 2017. Of the ounces sold, 79,243 ounces related to pre-commercial
production. Consequently, only 4,757 of the ounces sold (for revenue of $6.1
million) related to Fekola Mine commercial production and were recorded in the
Company's 2017 consolidated statement of operations. Proceeds from the sale of
the 79,243 pre-commercial production ounces totaled $100.9 million and together
with related production costs of $27.5 million for a total net credit of $73.4
million were capitalized and offset against Fekola Mine construction costs.</P>
<P align=justify>For the full-year 2017, consolidated gold revenue was $638.7
million (or an annual record of $739.5 million, including $100.9 million of
pre-commercial production sales from Fekola) on sales of 510,966 ounces (or an
annual record of 590,209 ounces including 79,243 ounces of pre-commercial
production sales from Fekola) at an average price of $1,250 per ounce compared
to $683.3 million on sales of 548,281 ounces at an average price of $1,246 per
ounce in 2016.</P>
<P align=justify>Consolidated gold revenue in the fourth quarter of 2017 was
$174.0 million (or a quarterly record of $274.9 million including $100.9 million
of pre-commercial production sales from Fekola) on sales of 137,695 ounces (or a
quarterly record of 216,938 ounces, including 79,243 ounces of pre-commercial
production sales from Fekola) at an average price of $1,264 per ounce compared
to $181.2 million on sales of 151,524 ounces at an average price of $1,196 per
ounce in the fourth quarter of 2016.</P>
<P align=justify>Consolidated gold revenue for the fourth quarter and year ended
December 31, 2017, included $15 million and $60 million, respectively, relating
to the delivery of gold into the Company's Prepaid Sales contracts (accounted
for as deferred revenue) entered into in March 2016. Proceeds from the Prepaid
Sales transactions, used to fund a portion of the Fekola Mine construction
rather than a potentially dilutive equity financing, were originally received in
March 2016 and are being recognized in revenue as the underlying Prepaid Sales
contracts are delivered into. During the fourth quarter and year ended December
31, 2017, 12,909 ounces and 51,633 ounces, respectively, were delivered under
these contracts. </P>
<P align=justify>For the full-year 2017, cash flow from operating activities
(after non-cash working capital changes) was $155.0 million ($0.16 per share)
compared with $411.8 million ($0.44 per share) in 2016. In addition, sales of
pre-commercial production from Fekola in the fourth quarter of 2017, which were
included in investing activities rather than cash flow from operating
activities, generated net proceeds of $73.4 million ($100.9 million of sales revenue net of related production
costs of $27.5 million). Cash flow from operating activities for the year ended
December 31, 2017, included a negative $39.7 million adjustment for changes in
non-cash working capital (compared to a positive $2 million adjustment for
changes in non-cash working capital in 2016), mainly relating to an increase in
inventories at the Fekola Mine. Cash flow from operating activities for the year
ended December 31, 2016, included $120 million of proceeds which were received
from the Company's Prepaid Sales transactions in March 2016. In the fourth
quarter of 2017, cash flow from operating activities was $25.6 million ($0.03
per share) compared with $82.3 million ($0.09 per share) in the fourth quarter
of 2016. </P>
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<P align=justify>For the year ended December 31, 2017, the Company recorded net
  income of $61.6 million ($0.06 per share) compared to net income of $38.6
  million ($0.04 per share) for 2016. Adjusted net income (<I>see "Non-IFRS
    Measures"</I>) was $51.8 million ($0.05 per share) for 2017 compared to $99.0
  million ($0.11 per share) for 2016. As discussed above, for the year ended
  December 31, 2017, proceeds from the sales of pre-commercial production from
  Fekola ($100.9 million) and related production costs ($27.5 million), for a net
  amount of $73.4 million, were netted against Fekola Mine construction costs and
not recorded as part of net income.</P>
<P align=justify>For the fourth quarter of 2017, the Company recorded net income
of $34.5 million ($0.03 per share) compared to net income of $8.1 million ($0.01
per share) in the fourth quarter of 2016. Adjusted net income was $5.7 million
($0.01 per share) in the fourth quarter of 2017 compared to $2.5 million ($0.00
per share) in the fourth quarter of 2016. As discussed above, for the year ended
December 31, 2017, proceeds from the sales of pre-commercial production from
Fekola ($100.9 million) and related production costs ($27.5 million), for a net
amount of $73.4 million, were netted against Fekola Mine construction costs and
not recorded as part of net income.</P>
<P align=justify><B>Liquidity and Capital Resources </B></P>
<P align=justify>At December 31, 2017, the Company had cash and cash equivalents
of $147.5 million compared to cash and cash equivalents of $144.7 million at
December 31, 2016. The Company had a working capital deficit at December 31,
2017 of $98.7 million compared to a working capital of $101.0 million at
December 31, 2016. The working capital deficit resulted from the
reclassification of the Company's convertible senior subordinated notes to
current liabilities, as they are due on October 1, 2018.</P>
<P align=justify>In 2016, the Company made a strategic decision to fund the
construction of the Fekola Mine without using any equity to fund part of the
construction cost. With the successful and earlier than anticipated ramp-up of
the Fekola Mine in 2017, the Company is well positioned to execute the second
part of its debt funding strategy and has started to reduce its overall
consolidated debt levels. This planned repayment of debt balances includes the
anticipated repayment of the Company's $259 million convertible notes which
mature on October 1, 2018, unless the notes are converted into shares prior to
that date. While current convertible market conditions remain attractive, the
Company has allowed the notes to fall under amounts due within one year on the
basis that the Company projects that it will have sufficient liquidity from 2018
operating cash flows and existing credit facilities to repay the notes in full
and maintain a strong cash position. This position mirrors the Company's current
strategy to focus on developing its budgeted organic growth opportunities in the
short to mid-term using a portion of its projected ongoing cash flow from
existing operations, as well as its amended Revolving Credit Facility ("RCF")
without the need for additional new external debt or equity financing. </P>
<P align=justify>At December 31, 2017, the Company had drawn down $350 million
under the $500 million amended RCF, leaving an undrawn and available balance
under the existing facility at that time of $150 million. Subsequently, the
Company repaid $50 million under the amended RCF leaving an undrawn and
available balance of $200 million. At December 31, 2017, the Company also had
Euro 22 million ($26.4 million equivalent) of undrawn capacity on its Fekola
equipment loan facility and $9.1 million of undrawn capacity on its Masbate
equipment loan facility. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify><B>Operations </B></P>
<P align=justify>Mine-by-mine gold production in the fourth quarter and
full-year 2017 was as follows:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=5><B>Mine </B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=5><B>Q4 2017
      </B><BR><B>Gold Production </B><BR><B>(ounces) </B><B><SUP>(1)
    </SUP></B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=5><B>Full-year
      2017 </B><BR><B>Gold Production </B><BR><B>(ounces) </B><B><SUP>(1)
      </SUP></B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=5><B>2017
      </B><BR><B>Revised </B><BR><B>Annual Production </B><BR><B>Guidance
      </B><BR><B>(ounces) </B><SUP>(1) </SUP></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=5><B>2017
      </B><BR><B>Original </B><BR><B>Annual Production </B><BR><B>Guidance
      </B><BR><B>(ounces) </B><SUP>(1) </SUP></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Fekola </TD>
    <TD vAlign=center align=center width="20%">105,110 <sup>(2)</sup></TD>
    <TD vAlign=center align=center width="20%">111,450 <sup>(2)</sup></TD>
    <TD vAlign=center align=center width="20%">100,000 - 110,000 </TD>
    <TD vAlign=center align=center width="20%">45,000 - 55,000 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Masbate </TD>
    <TD vAlign=center align=center width="20%">53,419 </TD>
    <TD vAlign=center align=center width="20%">202,468 </TD>
    <TD vAlign=center align=center width="20%">180,000 - 185,000 </TD>
    <TD vAlign=center align=center width="20%">175,000 - 185,000 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Otjikoto </TD>
    <TD vAlign=center align=center width="20%">52,446 </TD>
    <TD vAlign=center align=center width="20%">191,534 </TD>
    <TD vAlign=center align=center width="20%">170,000 - 180,000 </TD>
    <TD vAlign=center align=center width="20%">165,000 - 175,000 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>La Libertad </TD>
    <TD vAlign=center align=center width="20%">14,696 </TD>
    <TD vAlign=center align=center width="20%">82,337 </TD>
    <TD vAlign=center align=center width="20%">90,000 - 100,000 </TD>
    <TD vAlign=center align=center width="20%">110,000 - 120,000 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>El Limon </TD>
    <TD vAlign=center align=center width="20%">15,082 </TD>
    <TD vAlign=center align=center width="20%">42,776 </TD>
    <TD vAlign=center align=center width="20%">40,000 - 50,000 </TD>
    <TD vAlign=center align=center width="20%">50,000 - 60,000 </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left><B>B2Gold Consolidated </B></TD>
    <TD vAlign=center align=center width="20%"><B>240,753 </B><B><SUP>(2)
      </SUP></B></TD>
    <TD vAlign=center align=center width="20%"><B>630,565 </B><B><SUP>(2)
      </SUP></B></TD>
    <TD vAlign=center align=center width="20%"><B>580,000 - 625,000 </B></TD>
    <TD vAlign=center align=center width="20%"><B>545,000 - 595,000
  </B></TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>B2Gold's production results and guidance are presented on
      a 100% basis.  </P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(2) </SUP></TD>
    <TD>
      <P align=justify>Fekola's fourth quarter and full-year 2017 gold production
      includes 72,903 ounces and 79,243 ounces, respectively, of gold produced during its pre-commercial
      production period.</P></TD></TR></TABLE>
<P align=justify>Mine-by-mine cash operating costs and AISC per ounce in the
fourth quarter and full-year 2017 were as follows:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=6><B>Mine </B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=6><B>Q4 2017
      </B><BR><B>Cash Operating </B><BR><B>Costs </B><BR><B>($ per ounce)
</B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=6><B>Full-year
      2017 </B><BR><B>Cash Operating </B><BR><B>Costs </B><BR><B>($ per ounce)
      </B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=6><B>2017
      </B><BR><B>Revised </B><BR><B>Annual Cash </B><BR><B>Operating Costs
      </B><BR><B>Guidance </B><BR><B>($ per ounce) </B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=6><B>2017
      </B><BR><B>Original </B><BR><B>Annual Cash </B><BR><B>Operating Costs
      </B><BR><B>Guidance </B><BR><B>($ per ounce) </B></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Fekola </TD>
    <TD vAlign=center align=center width="20%">$277 <SUP>(1) </SUP></TD>
    <TD vAlign=center align=center width="20%">$277 <SUP>(1) </SUP></TD>
    <TD vAlign=center align=center width="20%">$580 - $620 </TD>
    <TD vAlign=center align=center width="20%">$580 - $620 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Masbate </TD>
    <TD vAlign=center align=center width="20%">$587 </TD>
    <TD vAlign=center align=center width="20%">$543 </TD>
    <TD vAlign=center align=center width="20%">$595 - $635 </TD>
    <TD vAlign=center align=center width="20%">$690 - $730 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Otjikoto </TD>
    <TD vAlign=center align=center width="20%">$490 </TD>
    <TD vAlign=center align=center width="20%">$468 </TD>
    <TD vAlign=center align=center width="20%">$480 - $520 </TD>
    <TD vAlign=center align=center width="20%">$510 - $550 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>La Libertad </TD>
    <TD vAlign=center align=center width="20%">$1,094 </TD>
    <TD vAlign=center align=center width="20%">$836 </TD>
    <TD vAlign=center align=center width="20%">$795 - $835 </TD>
    <TD vAlign=center align=center width="20%">$625 - $665 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>El Limon </TD>
    <TD vAlign=center align=center width="20%">$778 </TD>
    <TD vAlign=center align=center width="20%">$954 </TD>
    <TD vAlign=center align=center width="20%">$815 - $855 </TD>
    <TD vAlign=center align=center width="20%">$655 - $695 </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left><B>B2Gold Consolidated </B></TD>
    <TD vAlign=center align=center width="20%"><B>$473 </B></TD>
    <TD vAlign=center align=center width="20%"><B>$542 </B></TD>
    <TD vAlign=center align=center width="20%"><B>$610 - $650 </B></TD>
    <TD vAlign=center align=center width="20%"><B>$610 - $650
  </B></TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Includes Fekola's pre-commercial
  results.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=5><B>Mine </B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=5><B>Q4 2017
      </B><BR><B>AISC </B><BR><B>($ per ounce) </B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=5><B>Full-year
      2017 </B><BR><B>AISC </B><BR><B>($ per ounce) </B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=5><B>2017
      </B><BR><B>Revised </B><BR><B>Annual AISC </B><BR><B>Guidance
      </B><BR><B>($ per ounce) </B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=5><B>2017
      </B><BR><B>Original </B><BR><B>Annual AISC </B><BR><B>Guidance
      </B><BR><B>($ per ounce) </B></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Fekola </TD>
    <TD vAlign=center align=center width="20%">$419 <sup>(1)</sup></TD>
    <TD vAlign=center align=center width="20%">$419 <sup>(1)</sup></TD>
    <TD vAlign=center align=center width="20%">$700 - $730 </TD>
    <TD vAlign=center align=center width="20%">$700 - $730 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Masbate </TD>
    <TD vAlign=center align=center width="20%">$963 </TD>
    <TD vAlign=center align=center width="20%">$843 </TD>
    <TD vAlign=center align=center width="20%">$935 - $975 </TD>
    <TD vAlign=center align=center width="20%">$1,020 - $1,050 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Otjikoto </TD>
    <TD vAlign=center align=center width="20%">$606 </TD>
    <TD vAlign=center align=center width="20%">$715 </TD>
    <TD vAlign=center align=center width="20%">$725 - $765 </TD>
    <TD vAlign=center align=center width="20%">$855 - $885 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>La Libertad </TD>
    <TD vAlign=center align=center width="20%">$1,504 </TD>
    <TD vAlign=center align=center width="20%">$1,106 </TD>
    <TD vAlign=center align=center width="20%">$1,075 - $1,115 </TD>
    <TD vAlign=center align=center width="20%">$785 - $815 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>El Limon </TD>
    <TD vAlign=center align=center width="20%">$1,231 </TD>
    <TD vAlign=center align=center width="20%">$1,469 </TD>
    <TD vAlign=center align=center width="20%">$1,415 - $1,455 </TD>
    <TD vAlign=center align=center width="20%">$1,065 - $1,095 </TD></TR>
  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD>
    <TD vAlign=center align=center width="20%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left><B>B2Gold Consolidated </B></TD>
    <TD vAlign=center align=center width="20%"><B>$754 </B></TD>
    <TD vAlign=center align=center width="20%"><B>$860 </B></TD>
    <TD vAlign=center align=center width="20%"><B>$940 - $970 </B></TD>
    <TD vAlign=center align=center width="20%"><B>$940 - $970
  </B></TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Includes Fekola's pre-commercial
  results.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><I>Fekola Gold Mine &#151; Mali</I></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=bottom>
    <TD vAlign=center noWrap align=center rowSpan=6><B>Fekola Mine </B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=6><STRONG>Fekola
      </STRONG><BR><B>Pre-Commercial </B><BR><B>Production </B><BR><B>(September
      24 to </B><BR><B>November 30) </B></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=6><B>Fekola
      </B><BR><B>Commercial </B><BR><B>Production (December) </B><BR></TD>
    <TD vAlign=center noWrap align=center width="20%" rowSpan=6><B>Total
      </B><BR>2017 <BR><B>(September 24 to December </B><BR><B>31) </B></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Operating and Financial Information <SUP>(1)</SUP>: </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Gold Production (ounces) </TD>
    <TD align=center width="20%">79,243 </TD>
    <TD align=center width="20%">32,207 </TD>
    <TD align=center width="20%">111,450 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Gold Sold (ounces) <SUP>(2) </SUP></TD>
    <TD align=center width="20%">79,243 </TD>
    <TD align=center width="20%">4,757 </TD>
    <TD align=center width="20%">84,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Inventory at Dec 31, 2017 </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp; In-circuit Inventory (ounces) </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=center width="20%">3,343 </TD>
    <TD align=center width="20%">3,343 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp; Finished Gold Inventory (ounces) </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=center width="20%">24,107 </TD>
    <TD align=center width="20%">24,107 </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Gold Sales Revenues <SUP>(2) </SUP>($ in
      thousands) </TD>
    <TD align=center width="20%">100,864 </TD>
    <TD align=center width="20%">6,064 </TD>
    <TD align=center width="20%">106,928 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Average realized selling price ($ per ounce)
    </TD>
    <TD align=center width="20%">1,273 </TD>
    <TD align=center width="20%">1,275 </TD>
    <TD align=center width="20%">1,273 </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Cash Operating Costs ($ per ounce) </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=center width="20%">311 </TD>
    <TD align=center width="20%">277 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;AISC ($ per ounce) </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=center width="20%">446 </TD>
    <TD align=center width="20%">419 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Fekola Mine's operating and financial information are
      presented on a 100% basis.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(2) </SUP></TD>
    <TD>
      <P align=justify>During the pre-commercial production period, a total of
      79,243 ounces of gold were sold resulting in pre- commercial production
      revenues of $100.9 million. Included in these sales are 42,243 ounces
      (related gold sales revenues of $53.3 million) that were physically sold
      in December but were produced during the pre-commercial production
      period.</P></TD></TR></TABLE>
<P align=justify>On September 25, 2017, the Company announced that it had
completed construction of the Fekola mill on budget and commenced ore processing
at the Fekola Mine, more than three months ahead of the original schedule. The
Fekola mill started processing ore on September 24, 2017, and the first gold
pour at the Fekola Mine was achieved on October 7, 2017. On November 30, 2017,
the Fekola Mine achieved commercial production, one month ahead of the revised
schedule and four months ahead of the original schedule. Throughput ran above
nameplate capacity during the 30-day test period (on average) with significantly
better than expected plant availability, mill feed grades and recoveries.</P>
<P align=justify>Gold production from the Fekola Mine in 2017 was 111,450 ounces
(including 79,243 ounces of pre-commercial production), far surpassing the upper
end of its original guidance range (of 45,000 to 55,000 ounces) due to its early
start-up and strong ramp-up performance. In the fourth quarter of 2017, the
Fekola Mine produced 105,110 ounces of gold (including 72,903 ounces of
pre-commercial production).</P>
<P align=justify>In the fourth quarter of 2017 (including Fekola's
pre-commercial production results), Fekola's cash operating costs were $277 per
ounce (compared to guidance of between $580 and $620 per ounce) and AISC were
$419 per ounce (compared to guidance of between $700 and $730 per ounce). Both
were significantly below guidance (by approximately 50%), attributable to
Fekola's very strong ramp-up performance which resulted in much higher than
budgeted gold production and lower than budgeted production costs.</P>
<P align=justify>Total capital expenditures for Fekola for the year ended
December 31, 2017, totaled $222.4 million versus a total budget of $231.0
million. Cumulative expenditures on the Fekola Project, to date, are $596.8
million including $41.0 million of pre-construction expenditures compared with a
total budget to date of $599.0 million. The final $15 million costs, related to
the Fadougou village relocation, are expected to be incurred in 2018. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=justify>For 2018, the Fekola Mine is expected to produce between
  400,000 and 410,000 ounces of gold (see "2018 Production Outlook and Cost
  Guidance" section), the first full year of production. Cash operating costs are
  expected to be between $345 and $390 per ounce, and AISC between $575 and $625
per ounce. </P>
<P align=justify>Based on the new life of mine ("LoM") plan (<I>see news release
dated 9/25/2017</I>), the Fekola Mine is projected to produce approximately
400,000 ounces of gold annually for the first three years at cash operating
costs of $357 per ounce and AISC of $604 per ounce. For the first seven years,
the Fekola Mine is projected to produce approximately 374,000 ounces of gold
annually with cash operating costs of $391 per ounce and AISC of $643 per ounce.
Over the initial ten-year LoM, Fekola is projected to produce an average of
345,000 ounces per annum at cash operating costs of $428 per ounce and AISC of
$664 per ounce. </P>
<P align=justify>The Fekola Shareholders' Agreement and the Share Purchase
Agreement for the purchase of the additional 10% of Fekola have recently been
finalized and signed by the relevant Malian government ministers and the Malian
Council of Ministers. The agreements are now subject only to ratification by the
Mali National Assembly which is expected at their next scheduled sitting in
April 2018. Upon such ratification, the Company will transfer ownership of 20%
of Fekola SA (the Company's indirect subsidiary which owns the mine) to the
State of Mali (consisting of a 10% free carried non-participating interest plus
an additional 10% participating interest purchased by the State of Mali). The
first non-participating 10% of the State of Mali's ownership will entitle it to
an annual priority dividend equivalent to 10% of calendar net income of Fekola
SA. The second fully participating 10% of the State of Mali's interest will
entitle it to ordinary dividends payable (on the same basis as any ordinary
dividends declared and payable to the Company for its 80% interest).</P>
<P align=justify><I>Masbate Gold Mine &#151; The Philippines </I></P>
<P align=justify>The Masbate Mine in the Philippines achieved another very
strong year in 2017, producing 202,468 ounces of gold, the second-highest annual
production ever for the mine (only slightly below its annual production record
of 206,224 ounces of gold achieved in the prior year). Masbate's 2017 gold
production exceeded the upper end of both its revised and original guidance
ranges by 9% (or 17,468 ounces). The higher production was due to better than
expected recoveries and grades, mainly driven by significantly higher than
budgeted oxide ore tonnage from the Colorado Pit. The Masbate Mine also
continued its outstanding safety performance, achieving over two years (810
days) without a Lost-Time-Injury at year-end. In the fourth quarter of 2017, the
Masbate Mine produced 53,419 ounces of gold, significantly above both budgeted
and reforecast production by 24% (or 10,498 ounces).</P>
<P align=justify>In July 2017, the Masbate operations were presented with the
Philippine Department of Environment and Natural Resources' prestigious
Saringaya Award for its contribution to environmental protection, conservation
and management in the regions surrounding the Masbate Mine.</P>
<P align=justify>For the full-year 2017, Masbate's cash operating costs were
$543 per ounce, well below the low end of its reduced guidance range (of between
$595 and $635 per ounce), previously lowered by $95 per ounce in the second
quarter of 2017. This was mainly the result of higher than expected production
and lower than expected production costs (due to cost savings in most areas) and
stockpile adjustments. In the fourth quarter of 2017, Masbate's cash operating
costs were $587 per ounce (Q4 2016 &#151; $547 per ounce).</P>
<P align=justify>Masbate's AISC for the year were $843 per ounce, significantly
below the low end of its reduced guidance range (of between $935 and $975 per
ounce), previously lowered by $85 per ounce in the second quarter of 2017. In
the fourth quarter of 2017, Masbate's AISC were $963 per ounce (Q4 2016 &#151; $788
per ounce).</P>
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<P align="justify">
Capital expenditures totaled &#36;52.6 million in 2017, consisting mainly of mobile equipment costs of &#36;27.5 million, pre-stripping costs of &#36;8.9 million, powerhouse upgrade costs of &#36;3.6 million and processing plant upgrades of &#36;3.1
million. In the fourth quarter of 2017, capital expenditures totaled &#36;16.1 million which included mobile equipment costs of &#36;10.3 million and pre-stripping costs of &#36;2.8 million.</P>
<P align="justify">
For 2018, the Masbate Mine is expected to produce between 180,000 and 190,000 ounces of gold, primarily from the higher-grade Main Vein Pit, at cash operating costs of between &#36;675 and &#36;720 per ounce and AISC of between &#36;875 and &#36;925
per ounce (see "2018 Production Outlook and Cost Guidance" section).</P>
<P align="justify">
A detailed capital cost estimate of &#36;25.5 million was recently completed by Lycopodium, working with the Company's engineering team, for the expansion of the Masbate processing plant to 8 million tonnes per year (&#36;23 million in 2018 and
&#36;2.5 million in 2019). The expansion primarily consists of adding a third ball mill and upgrading the existing crushing circuit. No addition to the mining fleet is required as the additional feed will come from the lower-grade material that is
currently in the mine plan and scheduled to be stockpiled. When the expansion is on line (expected in early 2019), it is expected to keep Masbate's annual gold production near 200,000 ounces per year during the mining phase, and is expected to keep
gold production above 100,000 ounces per year when the low-grade stockpiles are processed at the end of the project life.</P>
<P align="justify">
<I>Otjikoto Gold Mine &mdash; Namibia </I> </P>
<P align="justify">
The Otjikoto Mine in Namibia had a record year in 2017, producing an annual record of 191,534 ounces of gold which exceeded the upper end of its revised guidance range by 6% (or 11,534 ounces) and the top end of its original guidance range by 9% (or
16,534 ounces). Gold production was also 15% (or 25,249 ounces) higher versus 2016. Otjikoto's outperformance in 2017 was mainly the result of better than expected high-grade ore tonnage from the Wolfshag Phase 1 Pit and higher than expected mill
throughput. In the fourth quarter of 2017, the Otjikoto Mine produced 52,446 ounces of gold, exceeding both budgeted and reforecast production by 10% (or 4,655 ounces).</P>
<P align="justify">
For the full-year 2017, Otjikoto's cash operating costs were &#36;468 per ounce, beating the low end of its revised guidance range (of between &#36;480 and &#36;520 per ounce), previously reduced by &#36;30 per ounce in the second quarter of 2017.
This was mainly the result of higher production and lower production costs (due to effective cost management throughout the year through supply contract review and renegotiation, and design changes to pit phases to reduce waste tonnage mined). In
the fourth quarter of 2017, Otjikoto's cash operating costs were &#36;490 per ounce (Q4 2016 <I>&mdash;</I> &#36;367 per ounce).</P>
<P align="justify">
Otjikoto's AISC for the year were &#36;715 per ounce, also beating the low end of its revised guidance range (of between &#36;725 and &#36;765 per ounce), previously reduced by &#36;130 per ounce in the second quarter of 2017. The lower AISC reflect
the reduction in cash operating costs noted above as well as lower than planned sustaining capital expenditures (pre-stripping costs were &#36;9.8 million lower than budget due to lower mining costs and lower than expected strip ratios). In the
fourth quarter of 2017, Otjikoto's AISC were &#36;606 per ounce (Q4 2016 <I>&mdash;</I> &#36;587 per ounce).</P>
<P align="justify">
Capital expenditures totaled &#36;41.2 million in 2017 and included mobile equipment purchases of &#36;12.2 million, pre-stripping costs of &#36;11.4 million, &#36;6.6 million for capitalized equipment rebuilds and &#36;4.9 million for installation
of a solar power plant. Capital expenditures in the fourth quarter of 2017 totaled &#36;5.1 million and included &#36;1.9 million for pre-stripping costs and &#36;0.4 million for mobile equipment costs.</P>
<P align="justify">
For 2018, the Otjikoto Mine is expected to produce between 160,000 and 170,000 ounces of gold, primarily from the Otjikoto Pit, at cash operating costs of between &#36;480 and &#36;525 per ounce and AISC of between &#36;700 and &#36;750 per ounce
(see "2018 Production Outlook and Cost Guidance" section).</P>
<P align="justify">
Geotechnical, hydrogeological and design studies for Wolfshag have been completed, based on an
updated resource model, resulting in a larger open pit than previously reported. Updated Wolfshag mineral reserves and resources will be reported in the Company's 2018 Annual Information Form which is scheduled to be filed by March 29, 2018. In
addition, the Wolfshag mineral resource remains open down-plunge and may be exploitable in the future by underground mining. </P>

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<P align="justify">
<I>La Libertad Gold Mine &mdash; Nicaragua </I> </P>
<P align="justify">
For the full-year 2017, La Libertad Mine in Nicaragua produced 82,337 ounces of gold, 9% (or 7,663 ounces) below the low end of its revised guidance range. During 2017, gold production at La Libertad was negatively impacted by permitting delays for
new mining areas. However, significant progress has been made in advancing the mine permits. The Company received the San Juan mining permit in September 2017 and the San Diego mining permit in February 2018. As a result, mining has now commenced in
both pits. For the Jabali Antenna Pit, the Company is expecting to receive its permit in time to start production from the pit in the third quarter of 2018. Jabali Antenna Underground remains under development with the planned ventilation raise now
complete. Access ramp development has advanced approximately two months ahead of original schedule for 2018, as a result of an early start by the underground mining contractor. In the fourth quarter of 2017, La Libertad Mine produced 14,696 ounces
of gold (Q4 2016 &mdash; 35,165 ounces).</P>
<P align="justify">
La Libertad's cash operating costs and AISC for the year were &#36;836 per ounce and &#36;1,106 per ounce, respectively. Both were within their revised guidance ranges. On a total basis (versus per ounce) mining, processing and site general costs
were all less than budget due to lower than budgeted mined tonnage, haul distance and reagent consumption, as well as aggressive cost management. In the fourth quarter of 2017, La Libertad's cash operating costs and AISC were &#36;1,094 per ounce
and &#36;1,504 per ounce, respectively.</P>
<P align="justify">
Capital expenditures totaled &#36;23.8 million in 2017, consisting primarily of project development costs of &#36;7.2 million, underground development costs of &#36;5.8 million, La Esperanza tailings dam expansion of &#36;4.8 million and land
acquisitions of &#36;3.1 million. Capital expenditures in the fourth quarter of 2017 totaled &#36;5.7 million and included &#36;2.9 million in project development costs related to the new San Juan and San Diego open pits and underground development
costs of &#36;2.1 million at Jabali Antenna Underground.</P>
<P align="justify">
For 2018, La Libertad Mine is expected to produce between 115,000 and 120,000 ounces of gold at cash operating costs of between &#36;745 and &#36;790 per ounce and AISC of between &#36;1,050 and &#36;1,100 per ounce (see "2018 Production Outlook and
Cost Guidance" section). La Libertad's production forecast assumes that production will start from the Jabali Antenna Pit in the third quarter of 2018 (dependent upon the successful completion of resettlement activities and receipt of the remaining
mining permits). Current plans at La Libertad include mining and processing into 2020 with a combination of mineral reserves and mineral resources. The Company has a successful track record of converting its mineral resources to reserves, and
exploration for additional mineral targets continues. Mineral resources that are not mineral reserves do not have demonstrated economic viability.</P>
<P align="justify">
<I>El Limon Gold Mine &mdash; Nicaragua </I> </P>
<P align="justify">
For the full-year 2017, El Limon Mine in Nicaragua produced 42,776 ounces of gold, which was within its revised guidance range (of between 40,000 and 50,000 ounces). During 2017, El Limon's production was affected by water pumping issues which had
reduced high-grade ore flow from Santa Pancha Underground. In the fourth quarter of 2017, mining operations at El Limon returned to budgeted (normal) production rates with the successful rehabilitation of the Santa Pancha 1 dewatering well. In the
fourth quarter of 2017, El Limon Mine produced 15,082 ounces of gold (Q4 2016 &mdash; 10,007 ounces). The mining permit for the Mercedes Pit was recently received, and development of the pit has commenced. </P>
<P align="justify">
El Limon's cash operating costs for the year were &#36;954 per ounce (revised guidance was between &#36;815 and &#36;855 per ounce) and AISC were &#36;1,469 per ounce (revised guidance was between &#36;1,415 and $1,455 per ounce). In the fourth quarter of 2017, El Limon's
cash operating costs and AISC were $778 per ounce and $1,231 per ounce,
respectively.</P>

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<P align=justify>Capital expenditures totaled $16.0 million in 2017, consisting
  mainly of underground development of $8.9 million, mining development/project
  costs of $3.5 million and mining equipment of $2.5 million. Capital expenditures
  in the fourth quarter of 2017 totaled $5.1 million which consisted mainly of
  underground development of $2.9 million and mining development/project costs of
$1.2 million.</P>
<P align=justify>For 2018, El Limon is expected to produce between 55,000 and
60,000 ounces of gold at cash operating costs of between $700 and $750 per ounce
and AISC of between $1,135 and $1,185 per ounce (see "2018 Production Outlook
and Cost Guidance" section).</P>
<P align=justify>On February 23, 2018, the Company announced a positive initial
open-pit Inferred Mineral Resource at the newly-discovered El Limon Central zone
of 5,130,000 tonnes at a grade of 4.92 grams per tonne ("g/t") of gold
containing 812,000 ounces of gold (100% basis) <I>(see news release dated
2/23/18)</I>. This large, good grade, new zone has the potential to decrease El
Limon's cash operating costs per ounce and AISC per ounce, and significantly
increase its mine life. El Limon Central zone, at its closest location, is
approximately 150 metres from El Limon mill facility, extending southeast and
northwest, adjacent to existing plant and administrative infrastructure.
Historical records indicate that parts of the Central zone had been mined
underground in past decades. The Company's recent exploration work indicates
that underground mining was much more limited than previously thought. The
Company is currently conducting additional metallurgical testing on El Limon
Central ore and a study to evaluate the potential to expand El Limon throughput
to significantly increase annual gold production and reduce cash operating
costs. The study results are expected by mid-2018. </P>
<P align=justify><B>2018 Production Outlook and Cost Guidance </B></P>
<P align=justify>In 2018, with the planned first full year of production from
the Fekola Mine, consolidated gold production is forecast to be between 910,000
and 950,000 ounces. This represents an increase in annual consolidated gold
production of approximately 300,000 ounces for B2Gold in 2018 from 2017. The
Company's forecast consolidated cash operating costs are expected to remain low
in 2018 and be between $505 and $550 per ounce, and AISC are expected to
decrease by approximately 6% from 2017 and be between $780 and $830 per ounce,
respectively.</P>
<P align=justify>The Fekola Mine is projected to be a large, low-cost producer.
The resulting increase in production levels, combined with low costs, are
expected to dramatically increase B2Gold's production, revenues, cash from
operations and cash flow for many years, based on current assumptions (including
a gold price assumption of $1,300 per ounce). On average over the next three
years, beginning in 2018, the Company is projecting per annum gold sales
revenues of approximately $1.2 billion, cash flow from operations of close to
$0.5 billion and a significant increase in free cash flow (operating cash flows
less investing cash flows).</P>
<P align=justify>Mine-by-mine 2018 ranges for forecast gold production, cash
operating costs per ounce and AISC per ounce are as follows:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=top noWrap align=center rowSpan=4 ><B>Mine </B></TD>
    <TD vAlign=top noWrap align=center width="25%" rowSpan=4><B>2018 Forecast
      </B><BR><B>Gold Production </B><BR><B>(ounces) </B><B><SUP>(1)
    </SUP></B></TD>
    <TD vAlign=top noWrap align=center width="25%" rowSpan=4><B>2018 Forecast
      </B><BR><B>Cash Operating </B><BR><B>Costs </B><BR><B>($ per ounce)
</B></TD>
    <TD vAlign=top noWrap align=center width="25%" rowSpan=4><B>2018 Forecast
      </B><BR><B>AISC </B><BR><B>($ per ounce) </B></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >Fekola </TD>
    <TD vAlign=center align=center width="25%">400,000 - 410,000 </TD>
    <TD vAlign=center align=center width="25%">$345 - $390 </TD>
    <TD vAlign=center align=center width="25%">$575 - $625 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >Masbate </TD>
    <TD vAlign=center align=center width="25%">180,000 - 190,000 </TD>
    <TD vAlign=center align=center width="25%">$675 - $720 </TD>
    <TD vAlign=center align=center width="25%">$875 - $925 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >Otjikoto </TD>
    <TD vAlign=center align=center width="25%">160,000 - 170,000 </TD>
    <TD vAlign=center align=center width="25%">$480 - $525 </TD>
    <TD vAlign=center align=center width="25%">$700 - $750 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >La Libertad </TD>
    <TD vAlign=center align=center width="25%">115,000 - 120,000 </TD>
    <TD vAlign=center align=center width="25%">$745 - $790 </TD>
    <TD vAlign=center align=center width="25%">$1,050 - $1,100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left >El Limon </TD>
    <TD vAlign=center align=center width="25%">55,000 - 60,000 </TD>
    <TD vAlign=center align=center width="25%">$700 - $750 </TD>
    <TD vAlign=center align=center width="25%">$1,135 - $1,185

  <TR>
    <TD vAlign=center align=left>&nbsp;</TD>
    <TD vAlign=center align=center width="25%">&nbsp;</TD>
    <TD vAlign=center align=center width="25%">&nbsp;</TD>
    <TD vAlign=center align=center width="25%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left><B>B2Gold Consolidated </B></TD>
    <TD vAlign=center align=center width="25%"><B>910,000 - 950,000 </B></TD>
    <TD vAlign=center align=center width="25%"><B>$505 - $550 </B></TD>
    <TD vAlign=center align=center width="25%"><B>$780 - $830
</B></TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>B2Gold's production guidance is presented on a 100%
      basis.</P></TD></TR></TABLE><BR>
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<P align=justify>B2Gold has a 2018 exploration budget of approximately $52.4
million. West Africa and Nicaragua will be the primary areas of focus in 2018.
</P>
<P align=justify>Positive drill results from the Company's 2017 exploration
program at the Fekola area indicated that the main Fekola deposit, with
additional drilling, could extend significantly to the north (<I>see news
release dated 11/9/2017</I>). In addition, drilling below the extensive
saprolite resource at the Anaconda, Adder and Mamba zones has discovered three,
well-mineralized bedrock (sulphide) zones, indicating the potential for large,
Fekola-style mineralized zones. Exploration results from the 2018 drill program
at the Fekola area are expected by mid-year 2018.</P>
<P align=justify>On February 22, 2018, the Company also announced a positive
Initial Inferred Mineral Resource at the Toega Project of 17,530,000 tonnes at a
grade of 2.01 g/t of gold containing 1,130,000 ounces of gold which has the
potential to be an open-pittable deposit <I>(see news release dated
2/22/18)</I>. The Toega mineralized zone now extends 1,200 metres along strike
and is 430 metres wide and up to 400 metres deep. The Toega mineralized zone
remains open along strike to the north-northeast and down-dip. Recent drilling
has intersected good grade in a potential new mineralized zone. Drilling is
ongoing to infill and determine the ultimate size of the Toega zone, and to
further test the new mineralized zone. Exploration results from the 2018 drill
program for Toega are expected in the latter part of 2018.</P>
<P align=justify><B>Outlook and Strategy </B></P>
<P align=justify>2017 was an important and transformative year for B2Gold. The
Company delivered another record year of profitable gold production, beating
production and cost projections. From its five mines, B2Gold produced 630,565
ounces of gold with cash operating costs of $542 per ounce of gold and AISC of
$860 per ounce of gold (including Fekola's pre-commercial production results),
and completed construction, with our in-house construction team, of the
low-cost, flagship Fekola Mine, in Mali, in late September, three months ahead
of schedule and on budget. </P>
<P align=justify>In addition to the Fekola construction success in 2017, the
Company's Masbate Mine in the Philippines and Otjikoto Mine in Namibia had
record, or near-record, gold production years with higher than budgeted gold
production and lower cash operating costs and AISC per ounce. </P>
<P align=justify>While the Company's El Limon and La Libertad mines struggled in
2017, B2Gold and the Nicaragua management team have, as planned at El Limon,
made operational improvements and accessed open-pit ore that has resulted in
production returning to more normal levels. The significant discovery of the
large, high-grade, open-pit Inferred Mineral Resource at El Limon Central has
the potential to increase its mine life and annual production, as well as lower
its production costs.</P>
<P align=justify>At La Libertad, gold production and costs are expected to
improve now that the Company has received mining permits for and commenced
mining new open-pit deposits. Based on the anticipated receipt of additional
mining permits in 2018, the Company expects gold production and costs to
continue to improve. In addition, exploration continues at a number of open-pit
targets at La Libertad. </P>
<P align=justify>The Fekola construction success was followed by an impressive
production ramp-up in the fourth quarter of 2017 which resulted in B2Gold
declaring the commencement of commercial production on November 30, 2017. Based
on the typical ramp-up of a new mine and plant facility, the Company had
projected gold production from Fekola, in the fourth quarter of 2017, of between
45,000 to 55,000 ounces of gold (approximately 50% of projected full quarterly
gold production in 2018). </P>
<P align=justify>The Fekola Mine produced almost 112,000 ounces of gold in the
ramp-up period based on higher than
projected gold grades, better recoveries and the rapid ramp-up of mill tonnage throughput. This success was largely due to the performance of the experienced B2Gold in-house technical teams, including geology, mine construction, mill commissioning
and mining. Due to this success, the Fekola Mine delivered cash operating costs and AISC for the fourth quarter of 2017 of &#36;277 and &#36;419 per ounce of gold, respectively, approximately 50% below budget. </P>
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<P align="justify">
In 2018, the Fekola Mine is projected to produce between 400,000 and 410,000 ounces of gold, with cash operating costs and AISC ranges of approximately &#36;345 to &#36;390 per ounce and &#36;575 to &#36;625 per ounce, respectively.</P>
<P align="justify">
Based on current projections, inclusion of a full year's production from the Fekola Mine will increase B2Gold's consolidated gold production by 300,000 ounces to between 910,000 and 950,000 ounces of consolidated gold production in 2018, with
projected AISC of between &#36;780 to &#36;830 per ounce. Based on a &#36;1,300 gold price, and other current assumptions, the Company expects cash from mining operations to increase from approximately &#36;155 million in 2017 to an average of close
to &#36;0.5 billion per year over the next three years, including 2018.</P>
<P align="justify">
The Fekola Mine success is the latest in a series of accretive acquisitions, construction and exploration successes that have resulted in a steady rise in profitable production over the last 11 years, from 2007, when B2Gold was created as a junior
exploration company with no gold production, to the projected 2018 production of between 910,000 to 950,000 ounces gold from the Company's five gold mines. </P>
<P align="justify">
This remarkable growth has been driven by: the Company's disciplined approach to acquisitions, based on detailed due diligence by B2Gold's internationally experienced, technical, legal and financial teams; the outstanding performance of our in-house
construction team that built the Company's La Libertad Mine and mill in Nicaragua, the Otjikoto Mine and mill in Namibia and, most recently, the Fekola Mine and mill in Mali; B2Gold's highly-experienced exploration team that has realized significant
exploration success at the Company's mine properties; and our remarkable dedicated country and mine management teams and their dedicated employees, who are supported and empowered by our corporate executive and management teams. </P>
<P align="justify">
This dramatic growth and the Company's historic and ongoing commitment to international acquisitions and exploration has resulted in the Company generating numerous exciting growth opportunities from existing assets. </P>
<P align="justify">
<I>Looking Forward</I> </P>
<P align="justify">
In 2018, B2Gold plans to: continue to optimize production from its existing gold mines; strive to maintain its outstanding health and safety records; continue commitment to Corporate Social Responsibility; remain in a strong financial position while
reducing debt levels; and pursue further growth through the exploration and development of our impressive pipeline of existing properties and new exploration initiatives.</P>
<P align="justify">
Between late 2011 and late 2014, the Company completed two accretive acquisitions by issuing shares in friendly takeovers to the shareholders of Auryx Gold and Papillon Resources, the owners of the Otjikoto Project in Namibia and the Fekola Project
in Mali, respectively. At the time of the transactions, and during the successful construction of these mines, growth in the gold mining sector had fallen largely out of favor with many investors and, therefore, many gold mining companies. B2Gold
remained committed to its successful, long-term strategy of growth through accretive acquisitions and exploration, irrespective of both the gold price and short-term market trends. </P>
<P align="justify">
Due to the unpopularity of growth with so many gold sector investors, there was little or no competition to acquire these accretive development projects. </P>

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<P align="justify">
With some investors, and therefore gold mining companies' renewed interest in growth, B2Gold believes that competition for the acquisition of development assets has returned and will likely continue to increase. Given this new competitive
environment and our successful strategy of contrarian opportunistic acquisitions that have been successfully developed, B2Gold's current strategy does not include pursuing growth through significant mergers or acquisitions of development-stage
companies or projects. Instead, B2Gold intends to focus on organic growth, unlocking potential value through the possible expansion of B2Gold's existing mines, development of opportunities at current projects and further brownfields and grassroots
exploration around the mines and existing properties. In addition, B2Gold will continue to acquire and explore exploration opportunities directly and consider potential growth through joint-ventures and investments in junior companies with
high-quality exploration projects.</P>
<P align="justify">
As part of this strategy to pursue organic growth, the Company has budgeted a total of &#36;53 million for exploration in 2018. Brownfields exploration will make up approximately 80% of this budget, focusing on drilling campaigns on existing
projects. </P>
<P align="justify">
In Mali, a total of &#36;15 million is budgeted for Fekola exploration, with half of the budget dedicated to the Fekola North extension drilling, which is ongoing with four drill rigs, following up on the positive drill results for 2017 with infill
drilling and to test the ultimate size potential of the Fekola deposit. The second half of the budget is planned for ongoing exploration drilling of the Anaconda zones where four drill rigs are following up with further drilling on the four, good
gold-grade bedrock zones discovered in 2017 and to test additional targets.</P>
<P align="justify">
In addition, the Company's Nicaragua exploration team will continue drilling to infill and determine the ultimate size of the recently-announced El Limon Central large, good-grade, open-pit Inferred Mineral Resource, located near El Limon mill, and
test other targets on the property. At La Libertad Mine, also in Nicaragua, exploration work, including drilling, is ongoing on a number of near-surface and underground targets on the large property. </P>
<P align="justify">
In Burkina Faso, B2Gold's exploration team will continue drilling on a significant new discovery, called the Toega zone, where an impressive, initial, good-grade, open-pit Inferred Mineral Resource was recently completed and announced. Drilling in
2018 will focus on determining the ultimate size of the main Toega zone, which is open to depth, in good gold grade material, and test what the potential is for additional mineralized zones parallel to the Toega zone. </P>
<P align="justify">
In conclusion, 2018 will be another transformative, record-setting year of low-cost gold production for B2Gold as the newest senior gold producer. With the Company's projected dramatic increase in gold production and cash from operations in 2018,
and commitment to the pursuit of continued growth through the exploration and development of the Company's existing pipeline of assets, B2Gold is looking forward to a successful 2018. </P>
<P align="justify">
<B>Qualified Persons </B> </P>
<P align="justify">
Peter D. Montano, P.E., the Project Director of B2Gold, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release. </P>
<P align="justify">
Tom Garagan, Senior Vice President of Exploration of B2Gold, a qualified person under NI 43-101, has approved the scientific and technical information regarding exploration matters contained in this news release. </P>
<P align="justify">
John Rajala, Vice President of Metallurgy of B2Gold, a qualified person under NI 43-101, has approved El Limon development information contained in this news release. </P>
<P align="justify">
<B>Fourth Quarter and Year-End 2017 Financial Results &mdash; Conference Call Details</B> </P>

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<P align=justify>B2Gold will release its fourth quarter and year-end 2017
results before the North American markets open on Thursday, March 15, 2018.</P>
<P align=justify>B2Gold executives will host a conference call to discuss the
results on <B>Thursday, March 15, 2018</B>, at <B>10:00 am PDT / 1:00 pm
EDT</B>. You may access the call by dialing the operator at +1 647-788-4965
(local or international) or toll free at +1 877-291-4570 prior to the scheduled
start time or you may listen to the call via webcast by clicking
<U>http://www.investorcalendar.com/event/23943</U>. A playback version of the
call will be available for two weeks after the call at +1 416-621-4642 (local or
international) or toll free at +1 800-585-8367 (passcode 7278809). </P>
<P align=justify><B>ON BEHALF OF B2GOLD CORP.</B> </P>
<P align=justify><B>"Clive T. Johnson"<BR></B><B>President and Chief Executive
Officer</B> </P>
<P align=justify>For more information on B2Gold please visit the Company website
at <U>www.b2gold.com</U> or contact: </P>
<P align=justify>Ian MacLean<BR>Vice President, Investor Relations
<BR>604-681-8371 <BR><U>imaclean@b2gold.com</U> </P>
<P align=justify>Katie Bromley <BR>Manager, Investor Relations &amp; Public
Relations<BR> 604-681-8371 <BR><U>kbromley@b2gold.com</U> </P>
<P align=justify><I>The Toronto Stock Exchange and the NYSE American LLC neither
approve nor disapprove the information contained in this news release.</I> </P>
<P align=justify><I>Production results and the Company&#146;s guidance presented in
this news release reflect total production at the mines the Company operates on
a 100% basis. </I></P>
<P align=justify><I>This news release includes certain &#147;forward-looking
information&#148; and &#147;forward-looking statements&#148; (collectively &#147;forward-looking
statements&#148;) within the meaning of applicable Canadian and United States
securities legislation, including projections, guidance, forecasts, estimates
and other statements regarding future financial and operational performance,
events, production, mine life, revenue, cash flows, costs, including projected
cash operating costs and AISC and expected decrease of forecast consolidated
cash operating costs and AISC in 2018, capital expenditures, budgets, ore
grades, sources and types of ore, stripping ratios, throughput, ore processing,
cash flows and growth; production estimates and guidance, including the
Company&#146;s projected increase of gold production to between 910,000 and 950,000
ounces in 2018, reflecting production growth of approximately 300,000 ounces
from 2017; project-specific projections of gold production and costs; the
increased production and low costs increasing the Company&#146;s production,
revenues, cash from operations and cash flow for many years; and statements
regarding anticipated exploration, drilling, development, construction,
production, permitting and other activities and achievements of the Company,
including but not limited to: expected grades and sources of ore to be processed
in 2018; the anticipated repayment of the convertible notes maturing on October
1, 2018; having sufficient liquidity from 2018 operating cash flows and existing
credit facilities to repay the notes in full; the expected repayment of
equipment loans and delivery of ounces under the Prepaid Sales Arrangements; the
Fekola Mine being a low cost producer; the incurrence of costs for, and timing
of, the Fadougou village relocation; the estimates, assumptions and forecasts
included in the Fekola Mine&#146;s new LoM plan; negotiations with the State of Mali
and the potential outcomes thereof, including the ratification by the Mali
National Assembly of the Shareholders Agreement and the final ownership of
Fekola SA; further drilling at Fekola extending the main Fekola deposit to the
north and </I> <i>having the potential for large, Fekola-style mineralized zones; the potential to identify additional Fekola-type structures in the underlying sulphide zones; the potential to extend the LoM at La Libertad for up to an additional 2 years; the
Jabali Underground zone producing ore in the latter part of 2018; El Limon Central zone potentially decreasing El Limon&rsquo;s cash operating costs and AISC per ounce, increasing mine life and potentially expanding El Limon mill to a higher
throughput, doubling annual gold production; timing of further drill testing at El Limon; the ongoing drilling program as part of a feasibility study which will confirm resources and grades, the optimum grind size, capital costs and final project
economics; the potential production of gold and silver ounces through reprocessing of old tailings of El Limon, based on the results of an initial study completed in 2017; the completion of an engineering study, including an expansion study for the
Limon mill, to determine potential accelerated development of El Limon Central zone and bringing it into the mine plan as early as 2019; West Africa and Nicaragua being the primary areas of focus in 2018; the timing of expansion of the Masbate
processing plant to 8 million tonnes per year, and the resulting expected annual production at Masbate of near 200,000 ounces per year during the mining phase and above 100,000 ounces per year when low grade stockpiles are processed; evaluations for
Toega and the potential to be an open-pittable deposit; Toega having the potential to grow and achieve the kind of scale of resource that might meet the Company&rsquo;s guideline criteria and the potential to enhance resources and increase
production at existing operations as well as greenfield targets. Estimates of mineral resources and reserves are also forward-looking statements because they constitute projections regarding the amount of minerals that may be encountered in the
future and/or the anticipated economics of production, should a production decision be made. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements.
Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as &ldquo;expect&rdquo;, &ldquo;plan&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;project&rdquo;,
&ldquo;target&rdquo;, &ldquo;potential&rdquo;, &ldquo;schedule&rdquo;, &ldquo;forecast&rdquo;, &ldquo;budget&rdquo;, &ldquo;estimate&rdquo;, &ldquo;intend&rdquo; or &ldquo;believe&rdquo; and similar expressions or their negative connotations, or
that events or conditions &ldquo;will&rdquo;, &ldquo;would&rdquo;, &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;should&rdquo; or &ldquo;might&rdquo; occur. All such forward-looking statements are based on the opinions and estimates of management
as of the date such statements are made.</i></P>
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<A name="page_15"></A>
<P align="justify">
  <I>Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold&rsquo;s control, including risks and assumptions associated with the volatility of metal prices and our common shares; risks
    and dangers inherent in exploration, development and mining activities; uncertainty of reserve and resource estimates; risk of not achieving production, cost or other estimates; risk that actual production, development plans and costs differ
    materially from the estimates in our feasibility studies; risks related to hedging activities and ore purchase commitments; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities;
    uncertainty about the outcome of negotiations with the Government of Mali; risks related to environmental regulations or hazards and compliance with complex regulations associated with mining activities; the ability to replace mineral reserves and
    identify acquisition opportunities; unknown liabilities of companies acquired by B2Gold; ability to successfully integrate new acquisitions; fluctuations in exchange rates; availability of financing; risks relating to financing and debt; risks
    related to operations in foreign and developing countries and compliance with foreign laws; risks related to remote operations and the availability of adequate infrastructure, fluctuations in price and availability of energy and other inputs
    necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks including instability or acts of terrorism; risks related to reliance upon contractors, third parties
    and joint venture partners; challenges to title or surface rights; dependence on key personnel and ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation
    risk; competition with other mining companies; changes in tax laws; community support for our operations including risks related to strikes and the halting of such operations from time to time; risks related to failures of information systems or
    information security threats; ability to maintain adequate internal control over financial reporting as required by law; risks relating to compliance with anti-corruption laws; as well as other factors identified and as described in more detail
    under the heading &ldquo;Risk Factors&rdquo; in B2Gold&rsquo;s most recent Annual Information Form, the Company&rsquo;s current Form 40-F Annual Report and B2Gold&rsquo;s other filings with Canadian securities regulators and the U.S. Securities and
  Exchange Commission (the &ldquo;SEC&rdquo;), which may be viewed at </I><I><U>www.sedar.com</U></I><I> and </I><I><U>www.sec.gov</U></I><I>, respectively (the &ldquo;Websites&rdquo;). The list is not exhaustive of the factors that may affect the
Company&rsquo;s forward-looking statements. There can be no assurance that such </I> <i>statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. The Company&rsquo;s forward-looking statements reflect current expectations regarding future
events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as
required by applicable law. The Company&rsquo;s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time.
These assumptions and factors include, but are not limited to, assumptions and factors related to the Company's ability to carry on current and future operations, including development and exploration activities; the timing, extent, duration and
economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company&rsquo;s ability to meet or achieve
estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to
obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions and other assumptions and factors generally associated with the mining industry. For the reasons set forth above, undue
reliance should not be placed on forward-looking statements. </i></P>

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<A name="page_16"></A>
<P align="justify">
<B><I>Non-IFRS Measures </I></B></P>
<P align="justify">
<I>This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (&ldquo;IFRS&rdquo;), including &ldquo;cash operating costs&rdquo; and
&ldquo;all-in sustaining costs&rdquo; (or &ldquo;AISC&rdquo;). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented
is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold&rsquo;s consolidated financial
statements. Readers should refer to B2Gold&rsquo;s management discussion and analysis, available on the Websites</I><I><U>,</U></I><I> under the heading &ldquo;Non-IFRS Measures&rdquo; for a more detailed discussion of how B2Gold calculates certain
such measures and reconciliation of certain measures to IFRS terms. </I> </P>
<P align="justify">
<B><I>Cautionary Note to United States Investors</I></B></P>
<P align="justify">
<I>The disclosure</I> <I>in this news release and in the documents described in this news release regarding mineral properties was prepared in accordance with Canadian National Instrument 43-101 (&ldquo;NI 43-101&rdquo;), which differs significantly
from the requirements of the SEC set out in Industry Guide 7. Accordingly, such disclosure may not be comparable to similar information made public by companies that report in accordance with U.S. standards. </I> </P>
<P align="justify">
<I>The Company has prepared its public disclosures in accordance with Canadian securities laws, which differ in certain respects from U.S. securities laws. In particular, this news release may refer to &ldquo;mineral resources&rdquo;,
&ldquo;measured mineral resources&rdquo;, &ldquo;indicated mineral resources&rdquo; or &ldquo;inferred mineral resources&rdquo;. While these categories of mineralization are recognized and required by Canadian securities laws, they are not
recognized by the SEC and are not normally permitted to be disclosed in SEC filings by U.S. companies. U.S. investors are cautioned not to assume that any part of a &ldquo;mineral resource&rdquo;, &ldquo;measured mineral resource&rdquo;,
&ldquo;indicated mineral resource&rdquo; or &ldquo;inferred mineral resource&rdquo; will ever be converted into a &ldquo;reserve.&rdquo; In addition, &ldquo;reserves&rdquo; reported by the Company under Canadian standards may not qualify as reserves
under SEC standards. Under SEC standards, mineralization may not be classified as a &ldquo;reserve&rdquo; unless the mineralization can be economically and legally extracted or produced at the time the &ldquo;reserve&rdquo; determination is made.
Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards. Accordingly, information contained or referenced in this news release
containing descriptions of the Company&rsquo;s mineral deposits may not be compatible to similar information made public by U.S. companies subject to the reporting and disclosure requirements of U.S. federal securities laws, rules and regulations.
</I></P>

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<A name=page_17></A>
<P align=justify><I>&#147;Inferred mineral resources&#148; have a great amount of
uncertainty as to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an inferred
mineral resource will ever be upgraded to a higher category. Historical results
or feasibility models presented herein are not guarantees or expectations of
future performance. <br>
&nbsp;</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>B2GOLD CORP. </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED STATEMENTS OF OPERATIONS </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in thousands of United States dollars, except
      per share amounts) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B><I>For the three
      </I></B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><I>For the three </I></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B><I>For the twelve
      </I></B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><I>For the twelve </I></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B><I>months ended
      </I></B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><I>months ended </I></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B><I>months ended
      </I></B></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><I>months ended </I></TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><B><I>Dec. 31, 2017 </I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><I>Dec. 31, 2016 </I></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><B><I>Dec. 31, 2017 </I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><I>Dec. 31, 2016 </I></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Gold revenue </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;173,990 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;181,189 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;638,677 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;683,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Cost of sales </B></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(81,772</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(77,668</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(302,394</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(275,400</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Depreciation and depletion
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(41,523</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(54,839</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff><B>(160,469</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(172,324</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Royalties and production taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>(7,576</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(6,232</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>(25,530</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(25,493</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Total cost of sales
</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(130,871</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(138,739</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(488,393</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(473,217</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Gross profit </B></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>43,119
</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>42,450 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>150,284
    </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>210,076 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>General and administrative
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(18,384</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(17,119</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(43,613</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(40,918</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Share-based payments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(4,875</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,216</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(18,127</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(13,651</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Gain on sale of Lynn Lake
      royalty </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&#151; </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>6,593 </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Write-down of mineral property interests </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(665</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(4,150</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(5,068</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Loss on sale of mineral
      properties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&#151; </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,338</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&#151; </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(9,886</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Provision for non-recoverable input taxes </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(840</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1,259</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(2,180</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,767</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Foreign exchange gains
      (losses) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>1,868 </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(847</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(1,012</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(2,737</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>398 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(4,493</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>(1,145</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(8,791</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Operating income </B></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>20,621
</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>15,178 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>86,650
</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>126,258 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Unrealized (loss) gain on
      fair value of convertible notes </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(7,212</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>5,927 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(11,144</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(46,742</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Community relations </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(1,183</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,529</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(5,512</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(5,051</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Interest and financing
      expense </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(5,495</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,959</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(12,906</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(10,184</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Realized loss on derivative instruments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(680</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1,451</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(3,364</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(13,962</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Unrealized gain on derivative
      instruments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>9,700 </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>20,265 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>9,684 </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>22,697 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Write-down of long-term investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>&#151; </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,671</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(1,613</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,856</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>8,522 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(222</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>7,101 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1,630</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Income before taxes </B></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>24,273 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">32,538 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>68,896 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">68,530 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Current income tax, withholding and other
      taxes </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(13,267</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(10,065</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(27,500</B></TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(25,064</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred income tax recovery
      (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>23,460 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(14,396</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>20,170 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(4,866</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Net income for the period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>&nbsp;34,466 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;8,077 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>&nbsp;61,566 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;38,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Attributable to: </B></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Shareholders of the Company
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;29,879
      </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;6,221 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;56,852
      </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;39,131 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Non-controlling interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>4,587 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,856 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>4,714 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(531</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Net income for the period
      </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;34,466 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;8,077 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;61,566 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;38,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Earnings per share
      </B>(attributable to shareholders of the Company) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Basic </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%"><B>&nbsp;0.03 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;0.01 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%"><B>&nbsp;0.06 </B></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;0.04 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Diluted </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;0.03
      </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;0.00 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;0.06
      </B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;0.04 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR>

  <TR>
    <TD align=left><b>Weighted average number of common shares outstanding (in thousands)  </b></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Basic </TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff"><B>979,691</B> </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">960,976 </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff"><B>976,366</B> </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#e6efff">&nbsp;</TD>
    <TD width="10%" align=right bgcolor="#e6efff">941,737 </TD>
    <TD width="2%" align=left bgcolor="#e6efff">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Diluted </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>993,848</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1,044,461 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>991,413</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">955,145 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in thousands of United States dollars, except
      per share amounts) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B><I>For the
      three</I></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><I>For the three</I> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B><I>For the
      twelve</I></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><I>For the twelve</I> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B><I>months
      ended</I></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><I>months ended</I> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><B><I>months
      ended</I></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="10%"><I>months ended</I> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><B><I>Dec. 31, 2017</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><I>Dec. 31, 2016</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><B><I>Dec. 31, 2017</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=right width="10%"><I>Dec. 31, 2016</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Operating activities</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net income for the year </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%"><B>&nbsp;34,466</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;8,077 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%"><B>&nbsp;61,566</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;38,600 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Mine restoration provisions
      settled </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(65</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(31</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(320</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(153</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Non-cash charges </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>8,440</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">55,390 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>109,818</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">245,434 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Changes in non-cash working
      capital </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(16,867</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>12,612 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(39,681</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,011 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Proceeds from prepaid sales </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>&#151;</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>30,000</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">120,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Changes in long-term value
      added tax receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(368</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>6,290 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(6,383</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>5,919 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Cash provided by operating activities</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>25,606</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">82,338 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>155,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">411,811 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Financing activities</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Revolving credit facility,
      drawdowns net of transaction costs </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>25,000</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>50,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>145,341</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>100,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Repayment of revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>&#151;</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>&#151;</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(125,000</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Fekola equipment loan
      facility, drawdowns net of transaction costs</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>16,893</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>54,025</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Repayment of Fekola equipment loan
      facility </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(4,651</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(6,648</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Otjikoto equipment loan
      facility, drawdowns net of transaction </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&#151;</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>6,085</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>11,043 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Repayment of Otjikoto equipment loan facility
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(2,580</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(4,537</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(9,697</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(8,360</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Masbate equipment loan
      facility, drawdowns net of transaction </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&#151;</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>8,114</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Repayment of Masbate equipment loan facility
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(437</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(437</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Repayment of Nicaraguan
      equipment loans </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(421</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(428</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(1,556</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,783</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Common shares issued for cash on exercise of
      stock options </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>1,435</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,729 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>26,503</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">39,758 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Common shares issued under
      At-The-Market offering, net of issuance costs </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&#151;</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>19,504 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&#151;</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>44,467 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Interest and commitment fees
      paid </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(9,590</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(6,235</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(20,623</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(18,336</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Restricted cash movement </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(1,137</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>53 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(8,085</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1,319</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Cash provided by financing activities</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>24,512</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">61,086 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>193,022</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">40,470 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Investing activities</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Expenditures on mining
      interests: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Fekola Mine, construction
      capital </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(14,286</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(80,120</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(222,395</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(241,739</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Fekola Mine,
      sales proceeds net of pre-production costs </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>73,387</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>73,387</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Fekola Mine, development and
      sustaining capital </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(4,423</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(4,423</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Otjikoto Mine,
      development and sustaining capital </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(5,084</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(5,392</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(41,172</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(39,241</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Masbate Mine, development and
      sustaining capital </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(16,107</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(9,631</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(52,587</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(31,892</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Libertad Mine,
      development and sustaining capital </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(5,669</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(4,556</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(23,806</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(18,543</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Limon Mine, development and
      sustaining capital </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(5,072</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,460</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(16,048</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(7,749</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Gramalote
      Project, prefeasibility and exploration </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(3,275</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(6,978</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
bgColor=#e6efff><B>(11,967</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(11,784</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Other exploration and
      development </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(13,058</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(13,664</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(53,673</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(37,036</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Purchase of non-controlling
      interest </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(1,500</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>(1,500</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(6,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash proceeds from sale of Lynn Lake royalty,
      net of transaction costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>&#151;</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>6,593</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">&#151; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>949</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,330 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>748</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>2,137 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Cash used by investing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>5,862</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(121,471</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>(346,843</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(391,847</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Increase in cash and cash equivalents</B>
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>55,980</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">21,953 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>1,179</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">60,434 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Effect of exchange rate changes on cash and
      cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>1,779</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1,040</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>1,618</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(906</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Cash and cash equivalents,
      beginning of period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>89,709</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>123,758 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>144,671</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>85,143 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Cash and cash equivalents, end of
      period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>&nbsp;147,468</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;144,671 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>&nbsp;147,468</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;144,671 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED BALANCE SHEETS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in thousands of United States dollars)
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B><I>As at</I></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B><I>As at</I></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B><I>December
      31,</I></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><B><I>December
      31,</I></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B><I>2017</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%"><B><I>2016</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B><I>Assets</I></B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Current</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;147,468</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;144,671
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Accounts receivable, prepaids and other </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>20,603</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">10,723 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Value-added and other tax
      receivables </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>21,335</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>16,984 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Inventories </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>206,445</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">104,691 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>395,851</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>277,069 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Long-term investments</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>9,744</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">10,028 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Value-added tax
      receivables</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>22,318</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>18,024 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Mining interests</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;&nbsp; - Owned by
      subsidiaries </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>2,124,133</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,950,356 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;- Investments in joint ventures
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>65,830</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">53,724 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Other assets</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>39,848</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>26,934 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Deferred income taxes</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>27,433</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">&#151; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;2,685,157</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;2,336,135 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B><I>Liabilities</I></B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Current</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;95,092</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;78,037 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current income and other
      taxes payable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>26,448</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>16,865 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Current portion of derivative instruments at
      fair value </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>4,952</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,466 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current portion of long-term
      debt </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>302,630</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>13,935 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Current portion of prepaid sales </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>60,000</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">57,450 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current portion of mine
      restoration provisions </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,819</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other current liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>3,603</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">6,288 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>494,544</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>176,041 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Derivative instruments at fair value</B>
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>&#151;</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">6,439 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Long-term debt</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>399,551</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>472,845 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Prepaid sales</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>30,000</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">62,550 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Mine restoration
      provisions</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>96,627</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>81,162 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Deferred income taxes</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>81,518</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">74,072 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Employee benefits
      obligation</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>14,708</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>7,860 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Other long-term liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>1,816</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">602 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>1,118,764</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>881,571 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B><I>Equity</I></B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Shareholders&#146; equity</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Share capital </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><I>Issued: 980,932,908
      </I>common shares <I>(Dec 31, 2016 &#150; 964,892,433)</I> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>2,197,267</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,151,993 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Contributed surplus </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>60,039</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">56,191 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accumulated other
      comprehensive loss </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
bgColor=#e6efff><B>(94,294</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(95,435</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(610,908</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(667,760</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,552,104</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,444,989 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Non-controlling interests</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>14,289</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">9,575 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>1,566,393</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1,454,564 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;2,685,157</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;2,336,135 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
